Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze th...Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze the impact of trading hours extensions on volatility.During the sample period,the Moscow Exchange extended trading hours three times for the same-day settlement and two times for the next-day settlement of the RUB/USD rate.To analyze the effect of the implementations,various measures of historical and realized volatility are calculated for 5-and 15-min intraday intervals spanning a period of three months both prior to and following trading hours extensions.Besides historical volatility measures,we also examine volume and spread.We apply an autoregressive moving average-autoregressive conditional heteroscedasticity(ARMA-GARCH)model utilizing realized volatility and a trade classification rule to estimate the probability of informed trading.The extensions of trading hours cause a significant increase in both volatility and volume for further analyzing the reasons behind volatility changes.Volatility changes mostly occur after the opening of the market.The length of the extension has a significant positive effect on realized volatility.The results indicate that informed trading increased substantially after the opening for the rate of same-day settlement,whereas this is not observed for next-day settlement.Although trading hours extensions raise opportunities for more transactions and liquidity in foreign exchange markets,they may also lead to higher volatility in the market.Furthermore,this distortion is more significant at opening and midday.A potential explanation for the increased volatility mostly at the opening is that the trading hours extension attracts informed traders rather than liquidity providers.展开更多
In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the international...In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.展开更多
Based on data over 31 provinces and cities in China from2006 to 2013,this thesis first divides those 31 provinces and cities into four economic regions including northeastern region,central region,eastern region and w...Based on data over 31 provinces and cities in China from2006 to 2013,this thesis first divides those 31 provinces and cities into four economic regions including northeastern region,central region,eastern region and western region.Based on data over 31 provinces and cities in China from 2006 to 2013,those 31 provinces and cities were devided into four economic regions in this thesis,including northeastern region,central region,eastern region and western region.Then,it takes international tourism foreign exchange earnings as the dependent variable,the four economic regions as the factor to measure the difference of international tourism foreign exchange earnings in different regions,and finds out the main reasons of it.Through the one-way variance analysis on international tourism foreign exchange earnings,we can know that international tourism foreign exchange earnings have differences in different regions apparently.Besides,significant differences can be found between northeastern and central regions as well as eastern and western regions,while it is not the same case between the central and western regions.展开更多
Chapter VI Supervision and Management ●Article 33 The foreign exchange administration agencies shall carry out their responsibilities in accordance with laws and regulations and have the power to take the following m...Chapter VI Supervision and Management ●Article 33 The foreign exchange administration agencies shall carry out their responsibilities in accordance with laws and regulations and have the power to take the following measures: (1) Make on-the-spot inspection of financial institutions con- ducting foreign exchange operations;展开更多
The tight foreign exchange control era has gone with ,wind, and foreigncurrency reserve of China now is up to 300 billion US dollars;once"the cuffof overseas investment",the foreign exchange control system w...The tight foreign exchange control era has gone with ,wind, and foreigncurrency reserve of China now is up to 300 billion US dollars;once"the cuffof overseas investment",the foreign exchange control system will go where?展开更多
China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify...China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify restructuring of the foreign trade system, set up rules and regulations in line with the展开更多
Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of...Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of the foreign exchange market. Article 2. The State Exchange Control Administration is the governing body of the foreign exchange adjustment market.展开更多
The China Foreign Exchange Trade System, the only national foreign exchange trading institution in China, officially opened for business at 15 Shanghai Bund, Shanghai, on April 18 this year. It marked the start of the...The China Foreign Exchange Trade System, the only national foreign exchange trading institution in China, officially opened for business at 15 Shanghai Bund, Shanghai, on April 18 this year. It marked the start of the first market prices for foreign exchange in the country. The opening of the system means that the relationship between展开更多
Recently,decision has been made by the State Council onthe amendments to the Regulations for foreign Exchange Controlof the People’s Republic of China".The following amendments to the "Regulations Foreign E...Recently,decision has been made by the State Council onthe amendments to the Regulations for foreign Exchange Controlof the People’s Republic of China".The following amendments to the "Regulations Foreign Ex-change Control of the People’s Republic of China" are decided bythe State Council:1.Add an article and become Article five "No restriction bythe State as to regular international payment and transfer".2.Article 13 Clause one become Article 14 Clause one,amendto read "Foreign exchange of private use by individuals can be pur-chased within the prescribed limit amount.Foreign exchange ofprivate use by individuals in excess of the prescribed limit amount,an application has to be filed with the Administration of ExchangeControl,and foreign exchange can be purchased after展开更多
As from March 1,the State Administration of Exchange Con-trol will implement a new "Provisional Regulations of Checking,Writing-off and Supervising Foreign Exchange Payment for TradeImport".This is an import...As from March 1,the State Administration of Exchange Con-trol will implement a new "Provisional Regulations of Checking,Writing-off and Supervising Foreign Exchange Payment for TradeImport".This is an important measure of reforming China’s for-eign exchange system, and is an afterwards supervising measure ofguaranteeing orderly proceeding of toreign exchange payment fortrade import after the exchange of regular items.One of the purpose of carrying out the new regulations is toform an afterwards supervising mechanism for foreign exchangeimport payment of regular items which guarantees the authenticityof foreign exchange import payment and orderly proceeding theexchange of Renminbi regular items;secondly,through examiningand verifying documents of foreign exchange import payment,veri-展开更多
We explore how China's geographically targeted policies impact RMB overseas use individually or in combination.The policies include swap agreements,clearing banks,investment quotas,and direct trading between Chine...We explore how China's geographically targeted policies impact RMB overseas use individually or in combination.The policies include swap agreements,clearing banks,investment quotas,and direct trading between Chinese renminbi(RMB)and non-USD currencies.Adopting a fuzzy-set qualitative comparative analysis and using Bank of International Settlements cross-country data on foreign exchange markets,we find that institution building has lowered the barriers to international adoption of the RMB.Specifically,for countries economically close to China,high RMB trading is explained by either(i)having a clearing bank in the host market and direct quotations between the RMB and the local currency,or(ii)being a financial center and having access to the Chinese capital market.This combination of policies is explained by the creation of(i)"trading posts"that provide RMB liquidity abroad,and(ii)channels that allow actors to " recycle" offshore RMB funds.We triangulate our results with interviews conducted with senior People’s Bank of China officials.展开更多
This article provides a new framework to evaluate the status of Renminbi internationalization.It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency’s position i...This article provides a new framework to evaluate the status of Renminbi internationalization.It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency’s position in the international monetary system.Based on foreign exchange trading data provided by CLS Group,the article constructs a ranking of major international currencies including the Renminbi.It finds that the Renminbi shares more similarities in foreign exchange trading patterns with the established global currencies like the US dollar and the Euro than with those regional currencies.The article also explores the policy implications that the new evaluation approach provides.展开更多
文摘Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze the impact of trading hours extensions on volatility.During the sample period,the Moscow Exchange extended trading hours three times for the same-day settlement and two times for the next-day settlement of the RUB/USD rate.To analyze the effect of the implementations,various measures of historical and realized volatility are calculated for 5-and 15-min intraday intervals spanning a period of three months both prior to and following trading hours extensions.Besides historical volatility measures,we also examine volume and spread.We apply an autoregressive moving average-autoregressive conditional heteroscedasticity(ARMA-GARCH)model utilizing realized volatility and a trade classification rule to estimate the probability of informed trading.The extensions of trading hours cause a significant increase in both volatility and volume for further analyzing the reasons behind volatility changes.Volatility changes mostly occur after the opening of the market.The length of the extension has a significant positive effect on realized volatility.The results indicate that informed trading increased substantially after the opening for the rate of same-day settlement,whereas this is not observed for next-day settlement.Although trading hours extensions raise opportunities for more transactions and liquidity in foreign exchange markets,they may also lead to higher volatility in the market.Furthermore,this distortion is more significant at opening and midday.A potential explanation for the increased volatility mostly at the opening is that the trading hours extension attracts informed traders rather than liquidity providers.
文摘In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.
文摘Based on data over 31 provinces and cities in China from2006 to 2013,this thesis first divides those 31 provinces and cities into four economic regions including northeastern region,central region,eastern region and western region.Based on data over 31 provinces and cities in China from 2006 to 2013,those 31 provinces and cities were devided into four economic regions in this thesis,including northeastern region,central region,eastern region and western region.Then,it takes international tourism foreign exchange earnings as the dependent variable,the four economic regions as the factor to measure the difference of international tourism foreign exchange earnings in different regions,and finds out the main reasons of it.Through the one-way variance analysis on international tourism foreign exchange earnings,we can know that international tourism foreign exchange earnings have differences in different regions apparently.Besides,significant differences can be found between northeastern and central regions as well as eastern and western regions,while it is not the same case between the central and western regions.
文摘Chapter VI Supervision and Management ●Article 33 The foreign exchange administration agencies shall carry out their responsibilities in accordance with laws and regulations and have the power to take the following measures: (1) Make on-the-spot inspection of financial institutions con- ducting foreign exchange operations;
文摘The tight foreign exchange control era has gone with ,wind, and foreigncurrency reserve of China now is up to 300 billion US dollars;once"the cuffof overseas investment",the foreign exchange control system will go where?
文摘China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify restructuring of the foreign trade system, set up rules and regulations in line with the
文摘Article 1. The regulations are promulgated in order to improve and develop the foreign exchange adjustment market, speed up the horizontal circulation of capital in foreign exchange and strengthen the macro-control of the foreign exchange market. Article 2. The State Exchange Control Administration is the governing body of the foreign exchange adjustment market.
文摘The China Foreign Exchange Trade System, the only national foreign exchange trading institution in China, officially opened for business at 15 Shanghai Bund, Shanghai, on April 18 this year. It marked the start of the first market prices for foreign exchange in the country. The opening of the system means that the relationship between
文摘Recently,decision has been made by the State Council onthe amendments to the Regulations for foreign Exchange Controlof the People’s Republic of China".The following amendments to the "Regulations Foreign Ex-change Control of the People’s Republic of China" are decided bythe State Council:1.Add an article and become Article five "No restriction bythe State as to regular international payment and transfer".2.Article 13 Clause one become Article 14 Clause one,amendto read "Foreign exchange of private use by individuals can be pur-chased within the prescribed limit amount.Foreign exchange ofprivate use by individuals in excess of the prescribed limit amount,an application has to be filed with the Administration of ExchangeControl,and foreign exchange can be purchased after
文摘As from March 1,the State Administration of Exchange Con-trol will implement a new "Provisional Regulations of Checking,Writing-off and Supervising Foreign Exchange Payment for TradeImport".This is an important measure of reforming China’s for-eign exchange system, and is an afterwards supervising measure ofguaranteeing orderly proceeding of toreign exchange payment fortrade import after the exchange of regular items.One of the purpose of carrying out the new regulations is toform an afterwards supervising mechanism for foreign exchangeimport payment of regular items which guarantees the authenticityof foreign exchange import payment and orderly proceeding theexchange of Renminbi regular items;secondly,through examiningand verifying documents of foreign exchange import payment,veri-
文摘We explore how China's geographically targeted policies impact RMB overseas use individually or in combination.The policies include swap agreements,clearing banks,investment quotas,and direct trading between Chinese renminbi(RMB)and non-USD currencies.Adopting a fuzzy-set qualitative comparative analysis and using Bank of International Settlements cross-country data on foreign exchange markets,we find that institution building has lowered the barriers to international adoption of the RMB.Specifically,for countries economically close to China,high RMB trading is explained by either(i)having a clearing bank in the host market and direct quotations between the RMB and the local currency,or(ii)being a financial center and having access to the Chinese capital market.This combination of policies is explained by the creation of(i)"trading posts"that provide RMB liquidity abroad,and(ii)channels that allow actors to " recycle" offshore RMB funds.We triangulate our results with interviews conducted with senior People’s Bank of China officials.
文摘This article provides a new framework to evaluate the status of Renminbi internationalization.It proposes that the trading patterns of a currency in the global foreign exchange market embody the currency’s position in the international monetary system.Based on foreign exchange trading data provided by CLS Group,the article constructs a ranking of major international currencies including the Renminbi.It finds that the Renminbi shares more similarities in foreign exchange trading patterns with the established global currencies like the US dollar and the Euro than with those regional currencies.The article also explores the policy implications that the new evaluation approach provides.
